Allianz announces massive profit leap

Thanks to improved performance in all business segments in the second quarter of 2017, Allianz saw a 23% rise in operating profit – from €2.4 billion in the same period last year to €2.9 billion (approximately C$4.23 billion).

Net income attributable to shareholders soared 83.4% to €2 billion, with total revenues up 2% to nearly €30 billion (approximately C$43.8 billion).

Barring unforeseen events, crises, or natural catastrophes, Allianz is positive it will arrive near the upper end of its full-year operating profit target range of €10.8 billion, plus or minus €500 million.

Here’s how Allianz performed in the second quarter:

Property and Casualty (P&C) insurance segment

• Operating profit - €1.4 billion, up 28%
• Total revenues - €11.7 billion, up 0.6%

Life and Health insurance segment

• Operating profit - €1.1 billion, up 12%
• Present value of new business premiums - €13.6 billion, up 2.8%

Asset Management

• Operating profit - €584 million, up 16.8%
• Third-party assets under management - €1.4 trillion, up 7.6%

 
With over 86 million retail and corporate customers, the Allianz Group posted an operating profit of €11 billion in 2016. It employs more than 140,000 people in over 70 countries.